In an unprecedented development within the digital assets market, Pudgy Penguins, the animated penguin-themed NFT collection, has achieved a remarkable milestone by surpassing the long-standing market leader Bored Ape Yacht Club (BAYC) in floor price valuation on the Ethereum blockchain.
Market data from CoinGecko reveals that Pudgy Penguins reached a floor price of 21.49 ETH (approximately $83,930), exceeding BAYC’s 19.85 ETH valuation. This represents a significant 7.1% increase over the previous trading day, accompanied by a substantial surge in trading volume to 2,653 ETH.
This notable appreciation coincides with the anticipated launch of $PENGU, the project’s native token, scheduled for release on the Solana blockchain before year’s end. Igloo Inc., the entity behind Pudgy Penguins, has outlined a comprehensive tokenomics structure, allocating 25.9% of the total 88 billion token supply to community initiatives, with an additional 24% reserved for broader community development. The company itself will retain 11.48% of the supply.
The collection, comprising 8,888 unique digital penguin artworks, has demonstrated remarkable market resilience, achieving a market capitalization of 188,569 ETH. This positions it within striking distance of BAYC’s 196,101 ETH market capitalization, suggesting a potential shift in the traditional NFT market hierarchy.
Further solidifying its market position, Pudgy Penguins recently secured $11 million in funding for Cubed Labs, a Layer 2 infrastructure project. This initiative aims to enhance cryptocurrency adoption through user-centric solutions and innovative blockchain implementations.
The project’s current trajectory indicates potential for further appreciation, with analysts noting proximity to its previous all-time high of 22.9 ETH, established in February. This sustained growth reflects broader market confidence in the project’s fundamentals and future prospects.
This development marks a significant shift in the digital collectibles market, potentially signaling evolving investor preferences and market dynamics within the broader blockchain ecosystem.
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